Climate: the United States will devote $20 billion to clean energy projects
Cairo: Hani Kamal El-Din
They target disadvantaged communities. On Thursday, April 4, the American government promised $20 billion in funding for clean energy and climate change projects. These grants were announced by the EPA, the US Environmental Protection Agency, and by Democratic Vice President Kamala Harris.
Washington’s main objective is to mobilize private capital to support “tens of thousands of projects” linked to the reduction of pollution, energy costs and the promotion of clean energy. These 20 billion are supposed to act as a financing lever to launch projects, and attract the equivalent of 7 dollars of private capital for 1 dollar of public funds, specifies a press release from the EPA.
Most of the sum comes from the Greenhouse Gas Reduction Fund, created as part of the Inflation Reduction Act, President Joe Biden’s major climate plan, voted in 2022. These funds will go to eight NGOs or networks of associations that mobilize loans or donations for clean energy projects at the local level. Some 70% of funding must be dedicated to disadvantaged communities, said Vice-President Kamala Harris.
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